Tax Questions

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Offsetting costs/loses across portfolio by nick_noal Started by nick_noal, 11-09-2017, 17:29 PM	4 responses 125 views 0 likes	Last Post by tatemono 13-09-2017, 15:17 PM
If I move into my rental property and sell my family home will I pay Cgt ? by Cavan Started by Cavan, 07-09-2017, 14:02 PM	7 responses 232 views 0 likes	Last Post by Claymore 11-09-2017, 16:39 PM
Offset against tax by swampydrill Started by swampydrill, 11-06-2017, 07:32 AM	16 responses 760 views 0 likes	Last Post by swampydrill 10-09-2017, 08:07 AM
Sdtl by Shyam Started by Shyam, 05-09-2017, 08:32 AM	3 responses 166 views 0 likes	Last Post by Shyam 07-09-2017, 10:15 AM
Is this a issue? by Raiden328i Started by Raiden328i, 06-09-2017, 10:52 AM	6 responses 144 views 0 likes	Last Post by Raiden328i 06-09-2017, 15:08 PM
VAT - honesty box by john deere guy Started by john deere guy, 07-08-2017, 09:26 AM	6 responses 326 views 0 likes	Last Post by Gordon999 05-09-2017, 21:14 PM
Will it trigger SDLT charges? by londonrulz Started by londonrulz, 02-08-2017, 13:02 PM	20 responses 417 views 0 likes	Last Post by Gordon999 05-09-2017, 21:08 PM
What is the governments aim with their LL tax changes? by rockyman211 Started by rockyman211, 31-08-2017, 14:31 PM	24 responses 479 views 0 likes	Last Post by jpkeates 05-09-2017, 08:44 AM
Using my wifes tax allowance by Garry101 Started by Garry101, 04-09-2017, 08:28 AM	5 responses 119 views 0 likes	Last Post by jpkeates 04-09-2017, 10:02 AM
Adice on good accountant to handle CGT for non-resident/expat by Laura H Started by Laura H, 04-09-2017, 03:56 AM	1 response 84 views 0 likes	Last Post by Gordon999 04-09-2017, 05:28 AM

Second home tax - should I divorce and re-marry?

by ReluctantLL2022

Hi,
Around 10 years ago, I bought my first property to live in. My dad helped me out and paid a 50% deposit to get me on the ladder. I'm listed as the owner on the summary of title land registry documents under the leaseholder/freeholder section.

After living in the property for...
- Channel: Tax Questions
28-06-2022, 21:20 PM
Reply to Second home tax - should I divorce and re-marry?

by Gordon999

R-2022,

In #2 , I proposed the "company" buys the property from you and the company becomes the owner of the property. The Company has no funds and borrows the £240K ; 50% mortgage loan from Bank and 50% loan from you ( director's personal loan ). The bank loan is...
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29-06-2022, 15:07 PM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

There’d be no point in attempting it as a married couple but unmarried couples would also be in for a nasty surprise since HMRC consider getting to occupy the property in such circumstances as a benefit....
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29-06-2022, 15:00 PM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

https://www.samconveyancing.co.uk/ne...lications-6085...
- Channel: Tax Questions
29-06-2022, 14:58 PM
Reply to Second home tax - should I divorce and re-marry?

by jpkeates

It's very unusual for a lender to be prepared to lend on a joint basis against a property owned by only one of joint borrowers.
And the additional SDLT would be payable if the two people were married anyway.

I can't imagine there are many instances of this ever happening.
- Channel: Tax Questions
29-06-2022, 13:38 PM
Reply to Second home tax - should I divorce and re-marry?

by ReluctantLL2022

Gordon999,
Good point on #1, I haven't calculated the capital gain, but I suspect it'll be more than £20K.

#2 sounds complicated - is this relatively straightforward to do with most lawyers?

"It's why those couples who try to circumvent the higher rate of SDLT rules...
- Channel: Tax Questions
29-06-2022, 13:20 PM
Reply to Second home tax - should I divorce and re-marry?

by Gordon999

R-2022

1. Have you calculated how much capital gains tax is payable after sale of the "first property" ? Since you lived at the property for a few years , the capital gain during " period of own residence" is not taxed.

So you pay tax on " the...
- Channel: Tax Questions
29-06-2022, 11:31 AM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

Her solicitor, who will most likely also be acting for the mortgage lender, will want to know the source of the funds for the deposit. Not all lenders will accept a gifted deposit coming from someone who will live in the property but not named on the mortgage.

Yes because...
- Channel: Tax Questions
29-06-2022, 09:55 AM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

It's why those couples who try to circumvent the higher rate of SDLT rules by having a joint borrower sole legal owner mortgages fail, because both joint borrowers have a beneficial interest as both of them took out the mortgage so they can both buy a property to live in regardless of how many people...
- Channel: Tax Questions
29-06-2022, 09:47 AM
Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by rugbyroom

Dear Forum,

When I purchased a property back in 2007, I had an upstairs bedroom converted into a small kitchen and bathroom to create a self contained ground floor flat and a second kitchen / bathroom for the other 3 bedrooms upstairs to use.

The council had no issue with the...
- Channel: Tax Questions
28-06-2022, 11:16 AM

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